2 years ago
Following men's cricket, the Board of Control for Cricket successful India (BCCI) prohibits the women's teams from having commercialized associations and different sponsorships with crypto businesses.
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Indian authorities erstwhile again demonstrated their pugnacious stance connected cryptocurrencies with a preemptive prohibition connected crypto advertizing and sponsorships successful the section women’s cricket league.
As reported by Planet Sport connected Feb. 14, the Board of Control for Cricket successful India (BCCI) sent a 68-page advisory to the Women's Premier League teams, specifying the activities which couldn’t beryllium advertised. In the document, cryptocurrencies were mentioned among the gambling and baccy industries:
“No franchisee shall undertake a concern oregon immoderate benignant of relation with an entity that is successful immoderate mode connected/related to an entity that is involved/operates, straight oregon indirectly, successful the cryptocurrency sector."The prohibition follows a erstwhile prohibition for the men’s cricket Premier League, introduced backmost successful 2022. Before the prohibition, Indian Premier League had collaborated astatine slightest with 2 section crypto exchanges — CoinSwitch Kuber and CoinDCX. Coincidentally, successful March 2022, the crypto businesses decided not to advertise successful the Premier League retired of work concerns.
Home to an estimated 115 cardinal cryptocurrency investors, successful 2022, India introduced 2 laws demanding crippling taxes connected crypto-related unrealized gains and transactions and requiring its citizens to wage a 30% taxation connected unrealized crypto gains.
Related: India successful ‘no hurry’ for CBDC arsenic integer rupee aviator onboards 50K users
Some of the investors expected a alteration this twelvemonth to easiness the unit connected the crypto sector, but the nationalist fund for 2023 didn’t present them. The country’s concern minister, Nirmala Sitharaman, believes successful a planetary regulatory model connected crypto, which is wherefore we astir apt won’t spot immoderate melodramatic shifts successful the Indian regime, initiated successful an autonomous manner.
Crypto advertizing became a blistery taxable for planetary regulators and enforcement agencies amid the bid of failures and bankruptcies of ample platforms. In the United Kingdom, recently projected advertizing rules could perchance spot executives of crypto firms face up to 2 years of prison for failing to conscionable definite requirements astir promotion.
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